July 16, 2009 / 12:45 PM / in 8 years

CANADA STOCKS-TSX may open mixed as firm data offsets weaker oil

TORONTO, July 16 (Reuters) - Toronto’s main stock market index could open mixed on Thursday, as falling oil prices weigh on the resource-heavy index, even as positive U.S. financial earnings and economic data fuel hopes for recovery.

World stocks hovered around flat on Thursday despite strong Chinese growth data that provided reassurance on the global economy for investors bracing for the spate of U.S. and European corporate results due this week.[ID:nLG524601]

U.S. stock index futures were firmer on Thursday, reversing earlier losses, helped by stronger-than-expected U.S. jobs data and a jump in quarterly profit at JPMorgan Chase & Co (JPM.N). .N

On Wednesday the S&P/TSX composite index .GSPTSE closed up 229.31 points, or 2.3 percent, at 10,215.46.

Here is some news that could affect the market:

NEXEN INC NXY.TO

Canada’s No. 4 independent oil explorer Nexen Inc reported a 95 percent plunge in second-quarter profit, as crude prices tumbled from near-record levels a year ago, and forecast sequentially lower production volumes for the third quarter. [ID:nBNG64586]

RESEARCH IN MOTION RIM.TO

Research In Motion said on Thursday it will pay Visto Corp $267.5 million to settle all outstanding patent litigation over technology, ending a feud that has dragged on for a number of years. [ID:nN16532132]

TRANSALTA CORP TA.TO

TransAlta Corp’s 406-megawatt Unit 4 at the Sundance coal-fired power plant in Alberta returned to service on July 16, the Alberta Electric System Operator said in a report. [ID:nN16399502]

MAGNA MGa.TO

Chinese carmaker Beijing Automotive (BAIC) has lost more ground to rivals Magna and RHJ RHJI.BR in the race to acquire control of Opel, several sources familiar with the situation said on Thursday. [ID:nWEA1115]

OIL FALLS

Oil slipped below $61 a barrel on Thursday after gaining more than 3 percent in the previous session, as investors remained cautious about the pace of economic recovery despite strong growth numbers from China. [ID:nSYD542907]

GOLD, BASE METALS

Gold pared losses on Thursday as the euro hit session highs against the dollar, with a rise in European equities after strong earnings from JPMorgan (JPM.N) boosting appetite for currencies seen as higher risk. [ID:nLG735706]. Base metals prices were mixed. [ID:nLG174083]

GEOTHERMAL

Taking advantage of investor appetite for renewable energy projects, four geothermal firms said on Wednesday they plan to combine forces to form a single, larger company that will be able to raise funds more easily to develop “green” power projects. [ID:nN15362284]

FIRST CAPITAL REALTY

First Capital Realty Inc (FCR.TO), a developer of shopping centers, said it would raise about C$51.3 million ($46.2 million) by selling 3 million units to a syndicate of underwriters, led by RBC Capital Markets.[ID:nBNG534392]

CANADA RESEARCH

* Raymond James cuts Petrolifera Petroleum PDP.TO price target to C$2 from C$2.50; rating market perform. [ID:nWNAB7641] For more research, please see: [CA-RCH] ($1=$1.11 Canadian) (Reporting by Nina Lex; Editing by Jeffrey Hodgson)

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